Oceanic Iron Ore (CVE:FEO) Shares Up 66.7% – Should You Buy?

Oceanic Iron Ore Corp. (CVE:FEO) shot up 66.7% during trading on Thursday . The stock traded as high as C$0.29 and last traded at C$0.28. 818,754 shares were traded during mid-day trading, an increase of 344% from the average session volume of 184,422 shares. The stock had previously closed at C$0.17.

Oceanic Iron Ore Trading Up 66.7 %

The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03. The company has a 50 day moving average of C$0.18 and a 200 day moving average of C$0.14. The stock has a market capitalization of C$30.27 million, a price-to-earnings ratio of -13.75 and a beta of 0.99.

Insider Activity

In related news, Director Gordon Keep sold 355,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of C$0.27, for a total value of C$95,850.00. Also, Director Christopher Ross Batalha acquired 700,000 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of C$0.18 per share, for a total transaction of C$126,000.00. Insiders sold 541,464 shares of company stock worth $133,734 over the last three months. Insiders own 107.26% of the company’s stock.

About Oceanic Iron Ore

Oceanic Iron Ore Corp., an exploration stage company, acquires and explores for iron ore properties in Quebec, Canada. It holds a 100% interest in the Ungava Bay iron property comprising three project areas, including Hopes Advance, Morgan Lake, and Roberts Lake, which covers an area of approximately 35,999 hectares of iron formation located in Nunavik, Quebec.